CARTRADE · Consumer Services
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 6.0% against 18.0% over the previous quarters, worth about ₹9.0 cr of profit.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +54.3% on the year; profit before other income, exceptional items and tax +72.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹120 cr | ₹139 cr | ₹145 cr | ₹142 cr | ₹154 cr | ₹176 cr | ₹170 cr | ₹173 cr | ₹193 cr | ₹210 cr | ₹203 cr | ₹201 cr |
| YoY | — | — | — | +65% | +28% | +27% | +17% | +22% | +25% | +19% | +19% | +16% |
| EBITDA margin | 17.5% | 18.0% | 18.6% | 15.5% | 21.4% | 28.4% | 27.1% | 25.4% | 33.2% | 37.1% | 35.5% | 31.3% |
| Other income, % of PBT | −25% | — | 55% | 63% | 49% | 32% | 38% | 44% | 36% | 15% | 24% | 35% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 34% | — | 20% | 7% | 17% | 15% | 14% | 17% | 20% | 21% | 6% | 24% |
| Net profit | ₹5.0 cr | −₹24.0 cr | ₹25.0 cr | ₹23.0 cr | ₹31.0 cr | ₹46.0 cr | ₹46.0 cr | ₹47.0 cr | ₹64.0 cr | ₹62.0 cr | ₹71.0 cr | ₹57.0 cr |
| YoY | — | — | — | +64% | +520% | — | +84% | +104% | +106% | +35% | +54% | +21% |
| Core profit YoY | — | — | — | — | +90% | +177% | +136% | +256% | +168% | +83% | +73% | +53% |
| EPS | ₹0.64 | −₹5.17 | ₹4.80 | ₹4.72 | ₹5.89 | ₹9.01 | ₹8.82 | ₹9.03 | ₹12.53 | ₹11.68 | ₹13.49 | ₹10.67 |
| Flags | · | · | 1 | 2 | 2 | 1 | ✓ | ✓ | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cartrade Tech Ltd. reported revenue of ₹203 cr (+19.4% on the year) and net profit of ₹71.0 cr (+54.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +72.7% on the year, against +54.3% for reported profit.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.